A Michigan 2nd Mortgage Broker/Lender Bond is required by the State of Michigan Department of Insurance and Financial Services. It is a type of surety bond and required to the required license. The licensing is processed through the Nationwide Mortgage Licensing System (NMLS). The license application and more information on license requirements can be found there.  The bond amount is $25,000 and the cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.

How to Get a Michigan 2nd Mortgage Broker/Lender Bond   

One Application for all Mortgage Industry Bonds in All States.
At Surety1.com we make it easy to apply for this surety bond. Our simple, 3 step process is:

  1. Complete our easy to navigate and secure online application. 1
  2. Review your free, no obligation quote form one of our surety bond professional agents, usually within one business day.
  3. Sign some paperwork and make payment (all major credit cards accepted)

 Surety1.com represents over a dozen surety bond markets to obtain a competitive price and terms. Once these steps have been completed, the Michigan 2nd Mortgage Broker/Lender Bond will be filed electronically by Surety1 with the NMLS.

1 – The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license. 

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

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Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds  

Who Needs this License and Surety Bond?

Michigan 2nd Mortgage Broker/Lender Bond

The license is required of:

Any sole proprietor or company who, directly or indirectly, makes or offers to make subordinate lien mortgage loans. This includes any sole proprietor or company that closes 1st lien mortgage loans in its own or assumed name.

Any sole proprietor or company may apply for and obtain a 2nd mortgage broker and lender license and receive authority to conduct subordinate lien mortgage broker and lender activities even if the sole proprietor or company will not actively conduct each authorized activity. Subordinate lien mortgage loan means a loan secured by a 2nd or junior lien position mortgage on real property located in Michigan and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families or a land contract covering real property located in this state used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families.

If you are applying for or currently have a 1st mortgage license, you qualify for a 2nd mortgage registration. For information on a 1st Broker/Lender Bond, click here.  

Mortgage Industry Surety Bond Application



How to Get Your Michigan 2nd Mortgage Broker/Lender Bond

  1. Complete an online application. It’s free and no-obligation.
  2. One of our surety experts will contact you with a firm quote and an agreement to sign.
  3. Provide payment and your signed agreement, and then you will receive your Surety Bond!

If you have any questions, please call us at 877-654-2327.

How to Get Bonded

1. Apply Online
Using our Free & Secure Application
2. Get Your Free Quote
Applications are No-Obligation
3. Get Your Bond
Most Bonds are Approved in 1-2 Business Days

Surety Bond Experts

Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.

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